The Federal Trade Commission reportedly has concluded that Wickes Cos. of Santa Monica, the parent company of Builders Emporium, violated antitrust restrictions last year in its unsuccessful takeover bid of Owens-Corning Fiberglas.
The Wall Street Journal, quoting unnamed sources familiar with the agency's investigation, said the FTC earlier this year urged the Justice Department to sue the company for using stock option agreements allegedly to evade requirements of the Hart-Scott-Rodino antitrust law.
Wickes spokesman Michael Sitrick said Friday that the company would have no comment on the report.
In August, 1986, Wickes made a hostile $2.1-billion takeover bid for the Ohio fiberglass company, but dropped it after Owens-Corning announced a restructuring plan.
The Journal said the FTC made a similar recommendation regarding an unsuccessful $1.8-billion takeover of Ashland Oil Co. in March, 1986, by the Belzberg family of Canada. The Justice Department, which has final say over such suits, was said to be reviewing the matter.